[MUSIC] Continuing our discussion about entrepreneurs, let's look at the role of entrepreneurs in bringing back technology. And the extent to which shortage seems to drive them, bring them back. Now, as I mentioned before, market forces are a prime driver for reverse migration. As in the mid 2000s many returnees engaged in what I would call technology arbitrage. Where they brought back first or second tier western technology. Which, because it was unavailable in China and was in high demand, gave them some excellent opportunities. Now, in 2004, we interviewed 100 returned entrepreneurs in three cities, all of whom had been in business for at least one year. And of those people we interviewed, 27% said that the main reason for returning was that they had a technology, that while not world class, was still unavailable in Chinese market. And therefore, it met my criteria of short supply. And another 28% selected this, having this second tier technology as the second-most important reason for returning. Now, business success was related to the quality of this technology in the firms. Suggesting that here, the market, in terms of bringing back the entrepreneurs more than the scientists and the academics. Here, the market was more important than government assistance. Though, the local governments could play an important role in attracting people to come back. So, here we can see, again the 2004 data of the surveys we did a 100 but we really only had 93 and 94 good cases. Now, here you can see, that among returnees 34 said that they had the newest international technology. But 46 said that they had a technology that was new for China, but not the world's first rate technology. And we can see with the locals, very few of them had newest international technology, more had technology that was new for China. But then many of them had nothing to say really about their technology. And here we can see that again the likelihood of this outcome, is not random. Right? So, we can believe the findings here. And so what we did was we wanted to see to what extent did the level of technology actually explain the firms success? And so, here it says success was based on a subjective evaluation by the entrepreneur of the relative position vis a vis their competitors. So we asked them how successful are you? Very successful? Relatively successful? Not very successful? We took that because they wouldn't give us the data on how much money they had, on their sales. This was the best way that we could do this. And as you can see, the level of technology was very important. The level of significance of this factor is very high. So, it's a very, very important factor affecting the level of success of the firm. So, in what way do you think that shortage has helped drive China's reverse migration?